Our base case outlook remains that we are in a bull market that kicked off in March.
COVID-19 and social turbulence continue to capture news headlines but 2020 elections are quickly coming into focus with just over 100 days until November 3.
Since their severe liquidity disruption in March, high-grade muni valuations have clawed their way back toward pre-pandemic levels.
The S&P 500’s second quarter gain ranks as its best quarterly return since 1998 and fourth highest since 1950.
The International Monetary Fund (IMF) downgraded its global economic outlook with a significantly deeper recession and a slower than anticipated recovery after that.
The near-term earnings and valuation picture is filled with uncertainty; however, earnings trends appear to be turning the corner after cuts reached the most extreme level since 2009.